What are my thoughts on money and how to handle it well? What lessons will I pass on to my children? Here are my tips on making money work for you and your family.
1. Educate your children about the value of money and how to budget. Tell them about how to use credit responsibly. Don’t expect them to cope well with money as adults if you never gave them any guidance.
2. Value your skills and experiences appropriately. Do not undersell yourself. I think this one is a very tough one for women and mums in particular. If you don’t get paid your worth, you will never be able to save appropriately.
3. Develop a saving strategy. Seek independent advice if you don’t know where to start.
4. Use simple tools to save . An example might be putting your travel expenses in a separate account and seeing them build up over time.
5. Consider joining a credit union and particularly if your credit rating is poor. You put affordable amounts away and then have access to a dividend and affordable loans for those rainy days.
6. Don’t be taken in by the “must-have” labels. Look at the more affordable brands and see how they often do exactly the same job for you.
7. Join Freegle and see what household goods and so on that people in your community are giving away for free. Freegle is also a very easy way to get rid of your unwanted items.
8. Check out charity shops for bargain clothing, books, bric-a-brac, furniture and more. You save money and know you are helping a good cause too. Result! Ebay and car-boot sales also have their place in finding what you want for less money.
9. Tap into the Money-Saving websites and networks for one-stop shops into the very latest ways to save money in terms of vouchers, offers, discounts and more.
10. If you are struggling with debt, welfare benefits or other financial troubles, get free help from agencies such as the Citizens Advice Bureau, the Consumer Credit Counselling Service or National Debtline.
11. Remember that the best things in life are, indeed, free. Ensure you celebrate nature, health, love, laughter and friendship often because it is so true that you can’t take it with you when you die but you can relish memories and leave some behind as your lasting legacy,
N.B Most of the wisdom above was gained through bitter experience lol
This is my entry for the BritMums Piggy Bank Tales competition, sponsored by Virgin Money